Topics: Creditor/Debtor - 67 results

America’s student loan bills have outgrown its credit card bills, and the debt relief industry is clamoring for the business of student borrowers. But according to a report from the National Consumer Law Center (NCLC), some companies are ripping off those borrowers by charging hefty fees for programs the federal government offers for free. The NCLC used a secret shopper to investigate 10 agencies that advertised student loan debt relief. The investigation found numerous problems with the industry, including the …

Student loan debt could be the source of our country’s next financial crisis. There are more than 37 million student loan borrowers with outstanding debt totaling $1 trillion. Experts say 30 percent of that won’t be repaid or forgiven. Lawyers.com videojournalist Amber Statler-Matthews reports that wiping out student loans through bankruptcy is not easy. Congress is now considering legislation for forgiving only private student loans through bankruptcy. Private student loan debt means it is held by private banks, not …

Drowning in debt? There are plenty of businesses out there that say they want to help, but consumer beware: Many debt relief companies would just as soon pocket whatever little cash a debtor has left and run, in lieu of actually resolving the problem with the creditors. The Consumer Financial Protection Bureau recently filed the first of what will probably be many actions against shady debt relief companies for misleading their customers and engaging in abusive practices. The complaint alleges …

After attempts to pay back the student loans that financed his law degree pushed him into bankruptcy, an Oregon man who struggled to become a lawyer but never did will have at least some of those loans forgiven, according the 9th U.S. Circuit Court of Appeals. Disagreement over Good Faith By the end of the 1990s, Michael Hedlund had borrowed $85,000 in student loans in order to attend law school, according to the appellate court’s May 22 opinion. He …

In today’s Newsbreak, Lawyers.com Editorial Director Betsy Kim provides a round-up of “big” legal stories. New York Attorney General Eric Schneiderman plans to sue mortgage giants, Bank of America and Wells Fargo, for violating the National Mortgage Settlement. Last year, five of the country’s largest banks and 49 state attorneys general agreed to a $26 billion settlement. The banks were to provide relief to homeowners including mortgage modifications for at-risk borrowers. The banks also agreed to comply with new …

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